10.9 Million People Plan To Retrain For New Jobs

According to research from finance specialists Pay4Later, 23 per cent of the adult population (10.9 million people) plan to retain so they can start a new job.

However, retraining and finding a new job comes with a cost, research indicated that they will spend on average £8,500. 14 per cent of people planning to retrain say it won’t cost them anything.

Of those planning to retrain, 22 per cent said they wanted to work in healthcare, 18 per cent in education and 12 per cent in financial services.

Scott Law, CEO of Pay4Later said: “There are so many job opportunities open to people today, but often to realise their dreams they have to train and pass professional qualifications, which can come with a financial cost. Our plat- form of 6 lenders enables organisations to offer financial support to their students or employees.”

London workers are the most likely to retrain over the next three years, with around 38 per cent saying the were looking to learn new skills. However, working adults in Wales are the least likely with just 16 per cent. The peak age group for retraining is 18 to 24-year-olds, around 48 per cent said they will retrain to start a new job in a new industry. 39 per cent of 35 to 44-year-olds also considered retraining.

Pay4Later’s education and training finance platform enables employers, education and training organisations to offer funding to students, professionals and parents to finance private education and career development courses. Pay4Later’s online survey was conducted by Consumer Intelligence of 1,031 adults aged 18+ between 30th and 31st October 2014.